Hyundai E&C’s aggressive efforts to diversify overseas markets achieve visible results in Central and South America. On June 13, Korea’s primary builder received a contract worth 2.995 billion dollars, or approximately 3.5057 trillion won, from Venezuela’s state oil company Petroleos de Venezuela SA (PDVSA) to expand the Puerto La Cruz refinery and improve its facilities. The project includes upgrading the Puerto La Cruz refinery, about 250 kilometers east away from capital Caracas, to produce high value oil products. The construction period is 42 months. Hyundai E&C conducts the project in cooperation with Hyundai Engineering and China’s Wison Engineering. Hyundai E&C and Hyundai Engineering hold a 1.348-billion-dollar stake and a 719 million-dollar-stake in the project, respectively. This is the first time for the construction company to enter the Venezuelan construction market. The contract award is more meaningful in that the builder makes inroads into Central and South American areas, following the 350-million-dollar deal awarded earlier this year to build a waste water disposal plant in Bello, Colombia. In addition, as the project includes mega-scale construction works worth three billion dollars, and Hyundai E&C sets to tap into the refinery plant construction field the company has had less opportunity to enter compared to petrochemical construction, this contract is expected to serve as a good chance for the builder to participate in the construction of refinery plants in Iraq and Kuwait in the near future to come.